After raising more than $800 million to date, Olive is looking to help launch other startups. The company recently created an in-house venture studio, where it is already incubating two startups.
The idea came from seeing “far too many great ideas be shot down without ever completing a pilot project,” Olive CEO Sean Lane said in a news release.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Early-stage entrepreneurs get access to Olive’s platform, which automates tasks for health systems and other entities. The company claimed this would give startups a secure environment to validate and deploy their digital health solutions.
The two startups currently at the venture studio include:
- Violet, a company to help patients with large medical bills. It’s currently working to optimize its platform before open enrollment.
- Rotera, an AI consulting firm and custom development company that builds solutions using Olive’s platform. It was the first company to join Olive’s venture studio.
Columbus, Ohio-based Olive has built software to help hospitals automate routine, administrative tasks. For example, company’s eponymous AI assistant can manage prior authorizations, or pull up patients’ insurance and contact information as they register for appointments. With this approach, Olive claims it has won over more than 900 hospitals as its clients, including 20 of the top 100 U.S. health systems.
Earlier this year, Olive passed a $4 billion valuation after closing a $400 million funding round.
Photo credit: Topp_Yimgrimm, Getty Images
Correction: This article has been updated with the correct location of Olive’s headquarters, in Columbus, Ohio.
